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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management remains constructive on EM relative to developed markets, prioritizing companies with strong financials and attractive valuations."
The American Century Emerging Markets Fund outperformed its benchmark, the MSCI Emerging Markets Index, during the third quarter of 2025. This performance was driven by an overall double-digit advance in EM equities, particularly Chinese markets and information technology stocks linked to global AI infrastructure and supply chains. Positive performance from key contributors like Zhongji Innolight, Delta Electronics, and Montage Technology supported gains, while detractors included Xiaomi, ICICI Bank, and an underweight to Alibaba. The management team maintained active positioning by exiting China State Construction International (CSCI) and BYD due to structural headwinds in Chinese real estate and EV price competition. Looking forward, the team maintains a constructive posture based on expected Fed interest rate cuts, solid EM growth outlooks, and supportive Chinese policy measures.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
Growth Outlook
Market outlook remains above average conviction: The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
Risk Appetite
Risk appetite posture is above average conviction: The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
Forward Guidance
Forward guidance signal: The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
Language Signal
Tone analysis indicates above average conviction language: The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The American Century Emerging Markets Fund achieved strong outperformance in Q3 2025, buoyed by the global AI infrastructure buildout and a recovery in Chinese markets. Management ...
